Although Revolut has a banking license in the EU and other countries and territories, in the US, it’s a different story.
In the United States, Revolut has partnered with Metropolitan Commercial Bank, Member FDIC, which provides Revolut’s banking services and issues its debit cards.
But why do Revolut and other challenger banks in the US have to partner with traditional banks? It’s because they aren’t real banks themselves and can’t issue cards or offer other similar financial services without an intermediary.
Digital or challenger banks are fintech companies, at least in the US. In Europe and Asia, they mostly attained banking licenses and can offer a full suite of banking products if they wish.
That’s the sole reason why Revolut has partnered with Metropolitan Commercial Bank, which, as already mentioned, issues debit cards and other financial services for Revolut.
How to Set up Direct Deposits With Revolut
When people ask for a bank name, they usually need it to set up direct deposits with their employers or other payers. Revolut has made things quite easy for us, so we don’t even need to know the name of the bank behind Revolut. The data is pre-filled already.
To set up direct deposits in your Revolut account:
- Open the Revolut app
- Tap “Add Money”
- Tap “Change”
- Tap “Set up Direct Deposit”
- The app will generate an email you can send to your employer
- Add your employer’s email
- Hit send
There are two more ways of doing this as well. You can download a PDF copy of a voided check. This is basically a direct deposit form that you can give or send to your employer and does the same thing as the method above.
To get a copy of a voided check:
- Open the app
- Opening the Direct Deposit details screen
- Tapp on “View Direct Deposit form”
- Select “Share Direct Deposit form”
The third method is to simply tell your employer your Revolut routing and account numbers, which you can find under the “Accounts” tab > “Details.”
Revolut will typically transfer the payment up to two days early into your account, which is kind of a standard thing these days with most digital banks.
However, this completely depends on the payer and how they send their transactions to the ACH network. Direct deposits are free and can’t exceed $100,000.
READ NEXT: MoneyLion Bank Name for Direct Deposit (3 Ways to Set Up)
About Metropolitan Commercial Bank
Metropolitan Commercial Bank is a New York State chartered commercial bank, and its parent firm, Metropolitan Bank Holding Corp., is a publicly-traded company.
The bank was founded in 1999 and operates banking centers in Manhattan; Boro Park, Brooklyn; and Great Neck, Long Island.
The bank has established itself as a leader in digital payments and is evolving at the same time the rapid industry evolution is happening. Metropolitan is not only following but, at many times, also leading the trend of digital currency services, mobile payment apps, and other fintech advancements.
Revolut’s CEO, Ronald Oliveira, emphasizes that “Revolut is building the world’s first global financial super app, and Metropolitan Commercial Bank has played an integral role in enabling us to offer robust financial services to our growing customer base.”
What is Revolut Bank Name and Address in The UK?
In the UK, Revolut is located at 7 Westferry Circus, The Columbus Building, 4th Floor, London, E14 4HD.
Although the fintech company applied for a banking license in the UK some time ago, they still didn’t receive it, and it’s somewhat hindering their efforts to create a financial super app.
Once they finally get the UK banking license, it would help them with other licenses across the world. The company’s banking license applications are still pending in the United States, Brazil, Mexico, and Australia.
Until then, the company holds licenses and authorizations to provide financial services such as e-money accounts, credit, virtual currencies, insurance, and more.
READ ALSO: Aspiration Bank Name for Direct Deposit (What to Use)
What if a Transfer Doesn’t Arrive to Your Revolut Account
The first thing to check if a transfer to your account didn’t arrive yet is to see whether the timeframe was exceeded or not.
Local US dollar transfers may take up to three business days, and international SWIFT transfers up to five business days.
The timeframes only start counting once the transfer has been sent by the bank.
In the case more time has passed than it should have, try doing the following:
- Go to your transaction history and double-check your transfer hasn’t emerged in your account
- Check the details on the transfer confirmation – see if there are typos or other errors and differences. If the details don’t correspond, contact the sending bank to see how they can help you
- Ask the sending bank to locate the transfer – if the transfer details are accurate, the sending bank can trace the transfer and hopefully determine where the transfer is now
- Ask Revolut to locate the transfer – prepare transfer confirmation details and chat with Revolut in the app
How to Find Your Revolut Account Details
If you’re based in the US, you have access to local US dollar account details. To access these details:
- Open the Revolut app
- Open the “Accounts” tab
- Select USD
- Tap on the US flag to see your USD account details
- You will see details like the account and routing numbers
You can also see your local GBP account details. To access them:
- Open the “Accounts” tab
- Select British Pound
- Tap on the British flag to see your GBP account details
- You will see details that consist of the sort code and account number
Revolut, like other fintech companies that operate as digital banks in the US, have to partner with traditional banks to issue debit cards and other financial products. In the case of Revolut, they have partnered with Metropolitan Commercial Bank from New York.
The company has applied for a banking license, but until they get it, they will have to have a traditional banking partner.